Skip to main content

Paytm Money Reaches 6.6 Million Customers, Surpasses Zerodha

 


Paytm Money, the wealth management arm of One97 Communications Ltd. (which owns Paytm), claims to have reached a customer base of 6.6 million, surpassing Zerodha, one of the largest retail brokerage firms in the country, by volume.

Vijay Shekhar Sharma-owned company, which completed two years of operations, said 70% of its user-base is first- time investors, with 60% from smaller towns and cities.

Zerodha, on the other hand, claims to have 3 million users, of which 65% are first-time investors.

Currently, Paytm Money sells 20 crore worth of direct mutual funds on its platform daily. It also sells product related to national pension scheme (NPS) and stocks.

"We are on a mission to democratise wealth services for millions of Indians that would play a key role in building Atmanirbahar Bharat. Over the last two years, we have enabled new users from small cities and towns to invest with confidence by providing innovative and personalized services. We strive to become the first step in the investment journey so that every user benefits from technology and financial inclusion" said Varun Sridhar, CEO, Paytm Money. Sridhar was appointed as CEO in July.

Bengaluru-based Zerodha, which recently ascribed itself a valuation of $1 billion, continues to be facilitating 5 million orders daily, according to the company. This accounts for almost 15% of India’s daily equity transaction volume.

Zerodha founder Nithin Kamath recently told Mint that it was aggressively acquiring new users, adding 250,000 new unique accounts every month.

In comparision, Paytm Money, a late entrant, started offering stock-broking service only in August in spite of procuring a licence from Securities and Exchange Board of India (Sebi) in April, 2019.

Mint recently reported that Paytm Money expects to do a full-scale launch of its stock broking service in September and expects to hit 100,000 in daily trades within six months, touching 250,000 customers in the first year.

Currently, the platform claims that it has more than 2.5 lakh users, which have applied to register for the stockbroking service.

In 2019-20, Paytm Money also said it has registered a 100% increase in new monthly SIP registrations and a 143% increase in overall monthly investment volumes.

As Paytm Money dabbles with stockbroking, Zerodha, which has been in the space for nearly a decade, is looking to launch its ‘loan against securities’ product this month.

The retail stock brokerage, which received its non-banking finance company (NBFC) licence from Reserve Bank of India in 2018, has been working on launching this product for almost two years now.

   Sandip Ginodia , CEO

 

   ALTIUS INVESTECH PVT LTD

 

   We deal in over 60 unlisted companies with 15 years of experience 

   For latest prices visit : www.abhisheksecurities.com/unlisted.htm / call : 09830271248 .

   Email : ginodiasandip1@gmail.com

Comments

Popular posts from this blog

Reliance's JioMart is averaging half a million orders per day; WhatsApp driving growth

  JioMart , Reliance's online-to-offline commerce  platform that launched in May , has scaled up rapidly, riding on the pandemic-fuelled digital acceleration. The service, which went   live in 200 cities across India, is currently processing an average of  500,000 orders per day. " We can go even higher on peak days",  Jio Platforms CEO   Kiran Thomas  revealed at the Facebook for Fuel India 2020 event. He said, "JioMart is empowering millions of  kiranas  and small merchants through the simple and secure platform of WhatsApp, and linking them to Reliance Retail's pan-India supply chain. We expect to grow manifold in future, and are optimistic about enabling new cohorts of users and making it easier for them to shop for daily essentials."  "Customers are transacting seamlessly on JioMart and the  conversational nature of the service  enabled by WhatsApp has made people adapt to it intuitively," he added. Reliance also stated that it will continue t

Stock broker SMC Global files for IPO

F inancial services company SMC Global Securities has filed draft red herring prospectus with SEBI for public issue of 1,58,67,380 equity shares of face value of Rs 2 each. The issue comprises a fresh issue of 79,33,690 equity shares by the company and an offer for sale of 79,33,690 shares by Millennium India Acquisition Company Inc. As of September 30, 2012, "We service our broking clients through a network of 43 branches and 2,521 registered sub-brokers and authorized persons spread in more than 500 cities and towns. We have also established an office in Dubai for brokerage and trading activities in that region," the company said. SMC has reported a loss of Rs 0.42 crore and total revenues of Rs 292.24 crore in the year ended March 31, 2012. "The proceeds of the fresh issue shall be utilised for margin maintenance with stock exchanges; part repayment of term loan; investments into subsidiary, SMC Comtrade; and general corporate purposes," according to p

TCS merger with TCS e serve

The board of Tata Consultancy Services (TCS) in its meeting on 18 October 2012 has approved the composite scheme of arrangement between TCS, TCS e-Serve (e-Serve) and TCS e-Serve International (TEIL). The composite scheme of arrangement provides for merger of e-Serve into TCS and demerger of TEIL's special economic zone (SEZ) undertaking(s) to TCS. The appointed date proposed for this scheme is 01 April 2013. TCS holds 96.26% of the paid up equity share capital of e-Serve. TEIL is a wholly owned subsidiary of e-Serve. As per the terms of the scheme of arrangement, shareholders of e-Serve (other than TCS) will receive 13 equity shares of Re 1 each of TCS for every 4 equity shares of Rs 10 each of e-Serve held by them. The board has approved the scheme of merger of Computational Research Laboratories (CRL) and Retail FullServe (RFL) with TCS. The proposed appointed date for the merger of CRL is 01 October 2012 and for the merger of RFL is 01 April 2012. Computational Res